Bengaluru-based EV ecosystem platform provider Pi Beam Electric has raised $1.7 million in a Pre-Series A round led by Inflection Point Ventures. The round also saw participation from prominent family offices including Sattva Group & Nanavati family, syndicates including Sincere Syndication and Conscience Multi-family Office.

The Pre-Series A round also had participation from industry leaders like Mr. Arshad Sayyad, former India Head Fidelity Investments, Vijay Ratnaparke, CIO of Robert Bosch, Shaji Koshy, former SVP Royal Enfield and Prof. Ashok Jhunjhunwala, Prof of IIT Madras

According to the company, the fresh fundraised will be utilized for developing the deployment platform, expanding the team, scaling operations to multiple cities and developing new products.

The company founded in 2013 by Visakh Sasikumar and Manu Iyer was incubated in IIT Madras. It is a vertically integrated EV as a service platform for logistics and commute applications. 

Commenting on the development Visakh Sasikumar, Founder & CEO, Pi Beam said, “We are disrupting EV as a service business model with an integrated EV ecosystem platform. Currently, we provide services to leading e-commerce companies, food delivery companies and last-mile supply chain companies. We are really excited about the huge opportunity that lies in front of us thanks to the exponential growth in the EV market.”

Pi Beam is currently present in Bangalore and Chennai with over 100 EVs in the fleet. Expanding rapidly to Hyderabad, Mumbai and Delhi, Pi Beam plan to increase the fleet to 2000 by the next financial year.

The company has collaborated with IIT Madras for continuously integrating cutting-edge EV technologies.

PiMo Two-wheeler

“IPV has been closely watching the EV landscape taking shape in India and we have led many investments across the sectors right from EV to EV-infrastructure linked startups. Investment in Pi Beam is the continuation of our focus on the EV sector. As the adoption of EV grows, Pi Beam’s market will also see exponential growth. We are keenly interested in investing in such disruptive technologies.”

In February last, the company had launched its electric two-wheeler ‘PiMo’ is priced at Rs. 30,000/-. The company has also shifted its head office to Bengaluru.